I hope the Bancroft family, when they meet on Monday in Boston, will vote against the agreement to sell Dow Jones to News Corporation. It is not easy for the Bancrofts to vote against a chorus advising them to sell. It is not easy to vote against their own immediate enrichment, or to deny a dramatic increase in family assets from $36 to $60 a share to their children, grandchildren and favourite charities. But there are good reasons not to accept the offer.

There is no need to sell Dow Jones, which was not for sale before Rupert Murdoch made what he described himself as “an insanely high” offer. Dow Jones is leading newspaper-dominated publishing companies with its successful transition to internet age electronic news businesses. Dow Jones is not a sick company. Under Peter Kann, the recently retired chairman, it sped up its transition. Under Rich Zannino, his successor, it has continued to grow. In a memo to staff, Mr Zannino said: “We have a very bright future as an independent company should the News Corp bid not come to pass.”